By Matthew Roscoe • 22 October 2020 • 10:51
BRITISH Airways owner IAG reports a €1.3 billion third-quarter loss after having to cut flying schedules for the rest of the year and coronavirus restrictions playing havoc with business.
The announcement of the significant loss far outweighed predictions of €920 million and highlights the major task Luis Gallego has on his hands after being appointed as IAG’s new boss in September.
The whole industry has been forced into turmoil as the Covid-19 pandemic continues to run rampant across Europe meaning most airlines have had to make some serious cutbacks to save money.
An announcement by IAG stated that it would fly no more than 30% of the capacity it flew a year earlier, which is lower than the previous guidance of 40%.
Despite the report of the major losses the company said that liquidity was strong having raised €2.74 billion from shareholders and received the funds in early October, raising its total liquidity to €9.3 billion.
Thank you for taking the time to read this news article “British Airways owner IAG reports £1.2 billion loss”. For more UK daily news, Spanish daily news and Global news stories, visit the Euro Weekly News home page.
Euro Weekly News is delighted to continue be able to bring you a range of News from around Spain in English and Global News live as it happens.
Euro Weekly News doesn’t cost you anything but your internet connection. Whether it’s bringing you the local Spanish news or the International news today, we’ve got you covered!
Euro Weekly News, the leading free local and national newspaper in Spain, the people’s paper, we lead others follow!
Share this story
Subscribe to our Euro Weekly News alerts to get the latest stories into your inbox!
By signing up, you will create a Euro Weekly News account if you don't already have one. Review our
Originally from the UK, Matthew is based on the Costa Blanca and is a web reporter for The Euro Weekly News covering international and Spanish national news. Got a news story you want to share? Then get in touch at firstname.lastname@example.org.
Download our media pack in either English or Spanish.